Global Maintenance Repair and Operations (MRO) Market, By MRO Type (Industrial MRO, Electrical MRO, Facility MRO, Others), Provider (Original Equipment Manufacturer (OEM), Aftermarket), End-Use (Manufacturing, Construction, Electrical, Facility, Mining, Aerospace and Defense, Automotive, Food and Beverages, Pharmaceuticals, Chemicals, Oil and Gas, Others), Technology (3D Printing, AR/VR, Artificial Intelligence, Robotics, Big Data Analytics, Internet of Things (IOT), Predictive Maintenance, Others), Application (Predictive Analysis, Performance Monitoring, Inspection, Mobility and Functionality, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Over the last few years, there has been immense growth in the government's enormous investment in the sector, further leading the manufacturing sector to the forefront of the world. Moreover, there has been increase in the adoption of professional services globally. These determinants have largely aided the market growth over forecast period.
Global Maintenance Repair and Operations (MRO) Market was valued at USD 713.59 billion in 2021 and is expected to reach USD 1007.06 billion by 2029, registering a CAGR of 4.40% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By MRO Type (Industrial MRO, Electrical MRO, Facility MRO, Others), Provider (Original Equipment Manufacturer (OEM), Aftermarket), End-Use (Manufacturing, Construction, Electrical, Facility, Mining, Aerospace and Defense, Automotive, Food and Beverages, Pharmaceuticals, Chemicals, Oil and Gas, Others), Technology (3D Printing, AR/VR, Artificial Intelligence, Robotics, Big Data Analytics, Internet of Things (IOT), Predictive Maintenance, Others), Application (Predictive Analysis, Performance Monitoring, Inspection, Mobility and Functionality, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Adolf Würth GmbH & Co. KG (Germany), Airgas, Inc. (U.S.), Applied Maintenance Supplies & Solutions (U.S.), KAMAN CORPORATION (U.S.), RUBIX (U.K.), Motion Industries, Inc (U.S.), WESCO (U.S.), Sonepar (France), Rexel (France), Graybar Electric Company Inc. (U.S.), ERIKS Group (U.S.), MSC Industrial Direct Co., Inc (U.S.), Lawson Products, Inc (U.S.), Electrocomponents plc (U.K.) and Anixter Inc (U.S.) and W.W. Grainger, Inc. (U.S.)
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Market Opportunities
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Market Definition
MRO (maintenance, repair, and operations) items are products and materials purchased by businesses that aren't directly involved in production. The majority of these goods are utilized to keep business operations functioning smoothly. A corporation's spare parts, equipment, and consumables to make final products are included in maintenance, repair, and operations (MRO). Spare parts, equipment like pumps and valves, consumables like cleaning supplies, plant upkeep supplies like lubricants, and actions undertaken to restore or maintain the essential equipment's functionality are all included in MRO.
Maintenance Repair and Operations (MRO) Market Dynamics
This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increased Usage across Applications
The increasing usages of the maintenance repair and operations (MRO) to reduce the operational expenditure through process efficiency and optimized supply chain management is estimated to carve a way for the growth of the market.
Furthermore, the growth of the economy and the manufacturing sector will further propel the growth rate of maintenance repair and operations (MRO) market. Additionally, the growing adoption of professional services will also drive market value growth. The rising need of enhanced competitiveness and evolution of e-commerce industry are projected to bolster the growth of the market.
Opportunities
- Development and Investments
Furthermore, the growing focus on the development of the industry which offer more manufacturing facilities extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, various end-user industries' surging levels of investment will further expand the future growth of the maintenance repair and operations (MRO) market.
Restraints/Challenges
- Dearth of Skilled Workforce
The lack of training capabilities further results in shortage of skilled workforce, which will create hindrances for the growth of the maintenance repair and operations (MRO) market.
- Supply Chain Disruptions
With the rising number of restrictions around the globe due to pandemic, there has been a hit in the demand and supply. This factor has emerged as a major challenge for the market growth rate of maintenance repair and operations (MRO).
This maintenance repair and operations (MRO) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the maintenance repair and operations (MRO) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Maintenance Repair and Operations (MRO) Market
The recent outbreak of coronavirus had a negative impact on the maintenance repair and operations (MRO) market. The severe disruptions in various manufacturing as well as the supply-chain operations due to the various precautionary lockdowns imposed by governments to curb the spread of disease resulted in huge financial setback for the market. These aforementioned determinants will weigh on the market's revenue trajectory.
On the brighter side, in March 2020, the US Department of Commerce's National Institute of Standards and Technology (NIST) announced a funding opportunity for high-impact initiatives that enhance the country's response to the COVID-19 pandemic. The funding is planned to be allocated to suitable public-private partnerships with private and academic manufacturing companies on research, development, and manufacturing processes.
Recent Development
In June 2020, Hitachi Ltd. and Microsoft Corp. established a multi-year strategic agreement on Thursday to help the manufacturing and logistics industries in Southeast Asia, North America, and Japan speed their digital transformation. The two companies will collaborate to fulfill the growing demand for predictive maintenance and process automation in remote areas.
Global Maintenance Repair and Operations (MRO) Market Scope
The maintenance repair and operations (MRO) market is segmented on the basis of MRO type, provider, end-use, technology, and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
MRO Type
- Industrial MRO
- Electrical MRO
- Facility MRO
- Others
Provider
- Original Equipment Manufacturer (OEM)
- Aftermarket
End-Use
- Manufacturing
- Construction
- Electrical
- Facility
- Mining
- Aerospace and Defense
- Automotive
- Food and Beverages
- Pharmaceuticals
- Chemicals
- Oil and Gas
- Others
Technology
- 3D Printing
- AR/VR
- Artificial Intelligence
- Robotics
- Big Data Analytics
- Internet of Things (IOT)
- Predictive Maintenance
- Others
Application
- Predictive Analysis
- Performance Monitoring
- Inspection
- Mobility and Functionality
- Others
Maintenance Repair and Operations (MRO) Market Regional Analysis/Insights
The maintenance repair and operations (MRO) market is analyzed and market size insights and trends are provided by country, MRO type, provider, end-use, technology, and application as referenced above.
The countries covered in the maintenance repair and operations (MRO) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the standardization of equipment and services within critical manufacturing operations within the region.
On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing adoption of professional services and rising trends of growth in various sectors such as manufacturing, automation, industrialization, and digitization in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Maintenance Repair and Operations (MRO) Market Share Analysis
The maintenance repair and operations (MRO) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to maintenance repair and operations (MRO) market.
Some of the major players operating in the maintenance repair and operations (MRO) market are
- Adolf Würth GmbH & Co. KG (Germany)
- Airgas, Inc. (U.S.)
- Applied Maintenance Supplies & Solutions (U.S.)
- KAMAN CORPORATION (U.S.)
- RUBIX (U.K.)
- Motion Industries, Inc (U.S.)
- WESCO (U.S.)
- Sonepar (France)
- Rexel (France)
- Graybar Electric Company Inc. (U.S.)
- ERIKS Group (U.S.)
- MSC Industrial Direct Co., Inc (U.S.)
- Lawson Products, Inc (U.S.)
- Electrocomponents plc (U.K.)
- Anixter Inc (U.S.)
- W.W. Grainger, Inc. (U.S.)
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